While trade wars continue to challenge global economic growth, there are still strong signs of commitment between Sri Lanka’s neighboring countries. The World Bank reports that Singapore is one of the healthiest countries in South Asia with which to do business with a GDP of $313 billion in 2017. Expanding your business overseas can help you find new opportunities and diversify your market reach. If you know your business is ready for this new venture of expanding abroad and understand the demands of international markets, now’s the time to test if your company can meet higher demands and take on the challenges ahead.
Don’t Skip the Basics
There are some questions to consider before you go global. Will each new region welcome your products? How do you comply with the local regulations regarding payments, taxes, and risks? How will you ship your products? Consider partnering with an online marketplace like Amazon or Linio. Doing this will give your business the opportunity to reach a wide range of customers as the marketplace do their job to help you. This also eliminates the concern of setting up an effective distribution channel in the global market, eventually enabling your business to expand faster across other regions.
Consider Your Finances
Hong Kong SAR, China ranked 4th place with the highest ease of doing business, with Singapore following the lead. To ensure that your business expansion plans are workable, you need to perform proper cash-flow projections and analysis. Entrepreneurs often seek angel investors and partner shares One method is to obtain loan options available to finance your global expansion. In fact, applying for a personal loan is desirable for entrepreneurs looking to expand as it offers the best terms and lowest rates.
Be Ready to Expand Production
Venturing global growth means some changes in your company, such as the increase in your production. One vital factor to your success is the new suppliers that will adhere to the payment terms as they deliver quality products. Using an online escrow solution may prove useful to your business. The escrow platform is your reliable middleman to manage your transactions online. This reduces the risks involved in international expansion and prevents distrust from any parties that may slow down the entire process.
Reaching out to international markets is an exciting time for your company whether this is a new opportunity for you or you are already working with global customers and suppliers. If you are confident that you can expand internationally, this may be the right time to go global and go beyond your local market.